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CMHC Says Royal Bank and CIBC Register Covered Bond Programs

July 3 (Bloomberg) -- Canada’s housing agency said Royal Bank of Canada and Canadian Imperial Bank of Commerce have registered to issue covered bonds under a new government framework.

The banks are the first to register under a legal framework introduced by the federal government last year, Canada Mortgage & Housing Corp. said today in a statement.

“Having met the requirements of the program, CIBC and RBC are now in a position to issue the first covered bonds under the framework,” Douglas Stewart, Interim President and chief executive officer at Ottawa-based CMHC, said in the statement. “We expect that other issuers will soon have registered programs in place.”

To contact the reporter on this story: Andrew Mayeda in Ottawa at amayeda@bloomberg.net

To contact the editor responsible for this story: David Scanlan at dscanlan@bloomberg.net

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